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The majority of British people still plan to take their summer break this year, despite the credit crunch, with less than a quarter (24%) shelving their holiday plans, according to research.

A survey by CreditExpert.co.uk found that a substantial number of people are prepared to get into debt for their getaway, with 2.8m British adults set to go into the red after paying for their holiday.

Some 16% of respondents said that they consider holidays so important that they only think about the money they have spent when they return home.

A fifth of all Brits are planning to cut back on the cost of their holiday by sharing it with family or friends, a proportion which rises to 37% among 18- to 24-year-olds.

Jim Hodgkins, managing director of CreditExpert.co.uk, said: 'The credit crunch is really biting now and it will be painful for people to make the choice between not going on holiday or taking on more debt to do so.'

The research found that people in the north-east of England are the most likely to get into debt for a holiday, while those from Wales and south-west England are the most concerned about the impact of the credit crunch on their finances.

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